The sun. [volume] (New York [N.Y.]) 1833-1916, 1887-10-13
ROBERT GARRETT RESIGNS.
HE WANTS TO GIVE UP TIE CARES OF
RAILROAD MANAGEMENT.
The n. and o. Directors Accept his Resisna-
tiou-Mo spencer 20 sueoeee him-Hhe
Main Iine Fails 70 Ray . Dividend.

AAlLhOAD mANAV<b"At'&s
TIE n. and o. Directors Accept his Rssisns-
tiou-Mr. Spencer TO sueooed him-Tho
Main Lac Fails to Fay = Dividend.
BALTIMORE Oct. 12-When the Baltimore
and Ohio Board OF Directors met to-day HOB
ert Garrett was conspicuous BY his absence.
He remained at his country seat throughout
the day, not even showing up at the CLUB. Inc
announcement that he intended resigning ana
that the vacancy would probably be hlled at
once brought out the full Board OF Directors.
Besides these there were also present most OF
tho leading officers Of tho railroad and tee-
graph companies. President Spencer was
not to be seen. though he usually attends all
the meetings OF the directors 1t was given
out to-day that he wns busily engaged attend
| ing to matters Of detail in connection with the
management Of the road. and was compelled
| to deny himself to all except those having tho
most urgent business.
Mr.. CARROTS resignation had previously
| been committed to the care Of his assistant,
! Mr.. Andrew Anderson. and at the proper time
was handed in to the directors. 1t was read
| and received In silence, and the fact that COM
| plimentary resolutions had already been pre-.
unexpected. MIR. CARROTS letter said
40 ne Director, ors Baltimore and OHIO Rattroad Com
"GENTLEMEN: It is we'll known to many Of
you that II has been for some time my nxea
erIy could from the labors which have been
a Il
p polless and undertakings Of the which
necessarily assumed at the time accepted
pro proper for me: with the inter
ests involved, to withdraw from their prosecu-
wow. however. that arrangements sFa,,. haze aye
secure the e1ds for which we nave ~ 90 ,onS
the Company being in q sound and satisfsc-
tory condition. am in position to tender
eenrte "a and which YOU have
S9fG Se ssos %ssn 70 Sse spp 70
rsnder t Rs9P trust With Witch you have hon
ored me. am very respfTS annRT G. .nnxrr.
This resolution was then offered and passed
Hsosa HE. on accepting tho rs.sn:.IS,n
do b w s T.
from the sIacting duties Of the ONCE, and how
Imperative up to this time has been the nec9 ss
deresRen When he became hsvs bsen
Th aoa aPd s M ess
sns ana
TACT that in leaving the ofilce at this time he
not only does 80 with the affection and respect st
" %s ieSss shose
# Of how great have been the services no has
The contract for the transfe. Of the Ra ai:,
hst ns
BE- declared from the earnings oi the main stem
for the past SIX months. and declaring diyi ~
| Wsshineton branch.
"a rsssnfy q 'ne
M &c M sss 6
upon With the syndicate Of New York and Lon
don bankers. heIetof9Ee SO often referred ;, t9.
WAS at once made o director and though 1t
alSsn o oom %ni this doubted
those who know. The general impression Is
% T sas ne os sxs PhT the
stock s Of the Balsi@oSs ana Shio proper caused
Ignation.as soon asst became known on South
strset uod.o. .. =. tbs ,s.ss % ., the ssm,-
annual d dividend makes i Certain that there
will be q floating debt Of $3.50 100 which the City
s s yss9 al he appro
sition that That amount would Se received BY
| tuo CIty hb ulNiuono VA Ako ASAuAhN ~ AesAsA-
s aso 1n,s sseSh Mayor continued that
esssH KY z cents On on The .ioo and
dividend should be passed. OF double that
EsSis y: HOPKINS ses,ssarz 1 Ct the e y9h nj,
investment In the railroad has heretofore pro-
sSss hall Of the ani!srsity . income Of $4,000.
The development Of the university may be eur
| Wa haya latA0 F0aerye fund OF about
100000 or s600, 900. which the, trustees may
e iS bsfs % 6qt they
vhieS the Boassd DECLARED semi t d
snd BIZ =, Il t
Ss ssss S u As .ssR sossy
ssss iSs Ss y ri I'D and 10 asked. Ten shares
The reason Tor Mr.. CARROTS retirement, as
yell Is for the s%sgePsion Of dydsnds p The
following statement Of facts:
present. Thus In less than four years there
ss e 0n sas nj
IN the building Of an uHcalled for competing
bss
up TO date s21 .00O; 000j In the establishment Of
an Independents bAltinOr6 ana OnlO oxpre68
in place Of the roads old and profitable rela-
ton with the Adams Company; and in the es-
tablishment and promotion Of the great sys-
tom Of telegraph which has Just passed Into
channels OF unproduotive expenditure, coupled
with the general sxtrayaganee, and unwise
career since his fathers death haye led, to the
results which eliminated In Mr.. CARROTS res
| ignation.
MT. Garrett went abroad in August. when
| millions OF indebtedness Of the Baltimore and
Ohio Railroad were maturing in New. York and
Baltlm0re banks. WITHOUT any possible cash a. IN
up, 80 far as any act of Mr.. Garrett was con-
| cerned. the Baltimore and Ohio Railroad would
have been In the hands of a receiver within
thirty days Of his departure on his European
were falling due. and Mr.. Garrett seemed to
| think that Providence would take care Of them.
1t was In this emergency that Mr.. J. Pier
pont Morgan. discerning clearly the terrible
| disaster that would happen to American credit
and to, every material interest N the United
bankrupt and placed In the hands Of a re-
ceiyer. formed the great syndicate which has
| crescences, and placed II to-dayupon sounder